Paxtradings Crypto Minute: May 30, 2018

South Korean Committee Pushing for ICO Legalization

According to CoinTelegraph, officials in South Korea are looking into overturning the ICO ban enacted in September of 2017. “We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order,” a committee member said during a meeting on Monday. The decision to ban ICOs in 2017 was overshadowed by what was then a potential total cryptocurrency criminalization.

Weixing Chen, founder of Kuaidi Dache that eventually merged with Didi to become China’s most popular ride hailing app called Didi Chuxing, is planning to launch a rival application based on blockchain. According to China Money Network, Chen is working with another prominent entrepreneur with the goal to create a platform that offers deliveries as well. “Ride hailing is the first time blockchain will be tested on a social application on mass scale,” Chen said.

German Government Sells Seized Crypto Assets Worth Almost $14m USD.

Prosecutors from Bavaria made German history on Monday when they sold close to $14M in crypto assets which were seized during criminal proceedings. According to CoinTelegraph, the sale involved 1312 Bitcoins (BTC), in addition to significant amounts of other digital currencies, including 1399 Bitcoin Cash, 1312 Bitcoin Gold, and 220 Ethereum. Auctioning off assets seized during criminal investigations is common practice by law enforcement agencies worldwide.